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The superb company produces wall panels. Both is labor and capital markets are competitive. Wages are $23 per hour, and equipment rental cost is $45
The superb company produces wall panels. Both is labor and capital markets are competitive. Wages are $23 per hour, and equipment rental cost is $45 per hour. The production function is Q=20K^0.8 L^0.6, where Q= square meters of wall panels per week, K= hours of equipment used, and L= hours of labour used. If the company has a weekly production budget of $25000, how many square meters of wall panels can be produced to maximize profit? Answer in square meters
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